“名人独董”、管理层权力与股价崩盘风险

“Celebrity Independent Director”,Management Power and Stock Price Crash Risk

本文以2013—2017年A股上市公司作为研究样本,利用手工收集的独立董事声誉数据,在考虑管理层权力对股价崩盘风险影响的基础上,检验"名人独董"对管理层权力与股价崩盘风险关系的影响。研究发现,管理层权力越大,公司未来发生股价崩盘的风险越高;董事会中的"名人独董"在一定程度上能够削弱管理层权力对股价崩盘风险的影响,但抑制作用不显著。进一步研究发现,在拥有"名人独董"的公司中,"名人独董"出席会议次数越多越可能降低管理层权力对股价崩盘风险的影响;女性"名人独董"的人数越多越可能抑制管理层权力对股价崩盘风险的影响。

From the perspective of corporate governance,this paper takes the 2013—2017 Ashare listed company as a research sample,and uses the manually collected independent directors’reputation data.This paper tests the impact of"celebrity independent director"on the relationship between management power and stock price crash risk.The study found that the greater the power of management,the higher the risk of the company’s stock price crash in the future.The"celebrity director"in the board of directors can inhibit the influence of the increase of management power on the risk of stock price crash risk to a certain extent,but the supervision effect is not significant.Further research found that the increase in the number of attendances of"celebrity-only directors"and the gender characteristics of female"celebrity-only directors"can weaken the effects of management power on stock price collapse risk.